India's auto component and system maker Anand Group launched a new platform, Anevolve, earlier this month to develope cleantech in India. According to different media reports, Anevolve has recruited multiple EV component and vehicle manufacturing companies from Israel, Japan, South Korea, UK, and India.
One of the partnerships is a joint venture with Japan's semiconductor startup Headspring. Nikkei Asia reported that the two companies plan to start mass-producing EV components for local and European carmakers operating in India. According to Electronics Weekly, Headspring will contribute proprietary technology for developing inverter and converter modules for EV powertrains and converters.
The JV, in which Headspring holds 49% stake, is to set up an engineering center in India to conceptualize, design, and develop advanced power electronics solutions - potentially GaN components, according to multiple media reports.
Anand Group announced at the Auto Show 2023 in New Delhi that it is investing INR10 billion (US$122.52 million) in growing Anevolve, according to a Mumbai-based news outlet Autoncar Professional. The platform is targeting at least INR3.5 billion in revenues by FY2028 and will operate from different manufacturing facilities in India.
Sunil Kaul, president and CTO of Anand Group, was cited by Autocar Professional as saying that "The entire business eco-system will have to shift to more sustainable products, systems, and operations. We, through Anevolve, intend to be a catalyst in India's journey towards clean mobility."
Anand Mando eMobility (AMeM), which is a joint venture formed by Anand and HL Mando, a Seoul-based tier-1 auto supplier that manufactures motors for two-, three-, and four-wheelers and controllers for two- and three-wheelers is one of the founding partners of Anevolve. AMeM now runs a manufacturing facility in the city of Bhiwadi, Rajasthan state.
Gabriel India, which supplies auto components for TVS Motors, Yamaha, Bajaj Auto, Maruti Suzuki, Volkswagen, Mahindra & Mahindra and so on, is a subsidiary of Anand Group and the flagship member of Anevolve. For Q2 of FY2023, Gabriel India logged a total revenue of INR8 billion.
Furthermore, Anevolve signed a memorandum of understanding (MoU) with UK-based hydrogen fuel cell powertrain solution provider Viritech. According to Viritech, it is one of the founding partners of Anevolve to create, design, and manufacture green technology solutions for electric mobility, as well as for other sectors.
Viritech said its business model is to "design, prototype, test, and license its technologies to global OEMs and tier 1 suppliers."
Anevolve also signed MoU with Zooz, an Israel-based fast-charging solution provider, to "develop sustainable products to India's hugely expanding EV charging infrastructure," said Zooz CEO Boaz Weizer, as cited by Autoncar Professional.